(MENAFN- Al-Borsa News) European stocks recorded an increase for the fifth week in a row, following they rose in the last trading sessions, Friday, supported by strong quarterly profits in the shares of “SABB” software and “Esilor Luxotica” optics, which compensated for the decline in companies. Mining.
European stocks have risen more than 2 percent so far this month as fears of a banking crisis recede and investors look forward to earnings season.
stock movements
The Stoxx 600 European stock index rose 0.36% over the past week.
In Friday’s trading, the index recorded an increase of 0.4%, as shares of the software company SAP jumped 5.2% to the highest level in more than a year, following announcing first-quarter revenue that exceeded analysts’ expectations and planning to use generative artificial intelligence in its products.
European technology shares rose 0.9%, and health care shares rose 1.7%; Both lead the gains in the sector.
“Esilor Luxottica” jumped 6.3%, to be one of the biggest boosts to the Stoxx benchmark index, following the luxury eyewear maker reported a rise in first-quarter revenue due to a recovery in growth led by China.
Mining companies were the most lagging behind, falling 3.8% as a result of lower copper prices due to expectations of weaker demand.
The index approached its lowest level in one month.
Shares of Mercedes-Benz Group rose 1.4% as the company announced higher than market expectations for the first quarter.
Sky News Economy
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